Bitcoin
$42,156.40-1.24%
Ethereum
$2,883.79-4.21%
XRP
$0.928755-0.54%
Cardano
$2.06-1.52%
Polkadot
$27.60-4.55%
Stellar
$0.273512-2.27%
Dogecoin
$0.208656+0.60%
Chainlink
$22.34-3.69%
Uniswap
$19.93-4.61%
Polygon
$1.10-2.79%
Litecoin
$152.01-4.07%
Bitcoin Cash
$518.38-3.17%
Wrapped Bitcoin
$42,143.69-1.14%
Algorand
$1.65-1.00%
Cosmos
$32.09-8.16%
Filecoin
$70.55-4.28%
The Graph
$0.683720-1.75%
Tron
$0.090327-1.51%
Ethereum Classic
$47.38-3.18%
Aave
$283.36-3.28%
Tezos
$4.87-4.97%
Monero
$227.51-0.82%
EOS
$4.03-2.95%
NEO
$38.85-4.03%
IOTA
$1.27-1.58%
BitTorrent
$0.003268-1.55%
Bitcoin SV
$142.91+4.97%
Maker
$2,389.33-3.33%
Waves
$22.93-2.52%
Dash
$162.71-4.26%
Decred
$109.93-6.02%
Decentraland
$0.644841-3.22%
ICON
$1.53-5.38%
NEM
$0.149134-2.42%
Zcash
$115.34-1.44%
OmiseGO
$8.77-17.26%
Paxos Standard
$0.999909+0.85%
NuCypher
$0.270803-3.22%
Yearn Finance
$28,590.18-2.27%
Qtum
$9.65-5.78%
Bitcoin Gold
$51.62-5.40%
Basic Attention Token
$0.630300-3.30%
0x
$0.867178-4.20%
Bancor
$3.40-3.11%
Ren
$0.750711-3.46%
Fetch.ai
$0.640832-2.60%
Band Protocol
$7.17-4.68%
Siacoin
$0.014648-4.02%
Kava.io
$4.87-3.50%
Nano
$4.52-5.36%
Loopring
$0.387671-3.81%
Numeraire
$45.17+13.74%
Storj
$1.06-6.25%
Lisk
$2.83-6.50%
Civic
$0.400355-2.54%
Orchid
$0.333508+2.34%
PAX Gold
$1,785.93+0.98%
Enzyme
$160.63+55.46%
Augur
$20.17-6.71%
Aragon
$4.63-5.98%
district0x
$0.144363-3.41%
Kyber Network
$1.44-2.61%
SingularDTV
$0.001375+1.01%
Tether
$1.00+0.03%
USD Coin
$1.00-0.01%
Dai
$1.00+0.10%

Up 5%: Bitcoin Sees Biggest Single-Day Price Gain for 2 Months

Bitcoin is eyeing a bull revival above the psychological resistance of $11,000, but a strengthening dollar could put a spanner in the works.

Sep 25, 2020 at 12:54 p.m. UTC
Updated Sep 14, 2021 at 10:00 a.m. UTC

Bitcoin (BTC) is taking a breather after Thursday's sharp rally that took prices back above a widely tracked technical line.

  • On Thursday, bitcoin jumped almost 5% to levels above $10,750, confirming its biggest single-day gain since July 27, according to data source Coin Metrics.
  • With the move, the cryptocurrency found acceptance above the 100-day moving average at $10,448, which was breached to the downside earlier this week.
  • So far, however, the sharp recovery from weekly lows near $10,200 has failed to draw stronger buying pressure.
  • At press time, bitcoin is trading near $10,680, representing a 1% decline from the high of $10,789 observed during Thursday's U.S. trading hours.

Bitcoin daily chart

  • The market has been a little lacking direction in recent weeks, with prices largely stuck in the $10,000 to $11,000 range since Sept. 4.
  • John Ng Pangilinan, managing partner at Singapore-based Signum Capital, sees a bullish revival occurring above $11,000.
  • "A stronger rally would materialize if prices rise above $11,000," Pangilinan told CoinDesk. "I would buy on a breakout above the psychological hurdle."
  • The odds, however, may be stacked in favor of the bears, as dollar liquidity in international markets is beginning to tighten, as tweeted by macro analyst David Belle.
  • As such, the dollar may extend recent gains against other currencies, putting downward pressure on the cryptocurrency.
  • "A break below the early September low of $9,800 would open the doors to $8,000," Joel Kruger, a currency strategist at LMAX Digital, told CoinDesk.
  • A big move may happen soon, as bitcoin's one-month implied volatility has declined to 44% – the lowest level in nearly two years, according to data source Skew.
  • In the past, an implied volatility of 50% or less has paved the way for violent price action.

Bitcoin one-month implied volatility

  • Currently, implied volatility closing on the all-time low of 35% seen ahead of the mid-November 2018 crash.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Loading...